Nightfood Holdings Inc. (OTCQB: NGTF) has moved to clarify its recent filing of a Preliminary Schedule 14C Information Statement regarding authorization for a potential reverse stock split. In a letter to shareholders, the company emphasized that the board of directors and majority stockholder have approved authorization for the board to effect a reverse split within a range of 1-for-150 to 1-for-250, specifically in connection with a potential listing on a national securities exchange.
The authorization grants the board discretion to determine whether and when to implement a reverse split, as well as to select a ratio based on market conditions and the company's trading price at that time. Nightfood stressed that this authorization does not mean a reverse split will necessarily occur, and the board may decide to abandon the action altogether. This clarification aims to address any shareholder concerns following the filing.
Nightfood Holdings, doing business as TechForce Robotics, is focused on AI-driven robotics, enterprise automation, hospitality automation, pharmaceutical automation, and advanced-technology commercialization. Through strategic acquisitions, partnerships, and technology-development initiatives, the company is building a diversified automation platform serving multiple high-growth industries.
The potential reverse split is a strategic move to meet the listing requirements of a national securities exchange, which often require a minimum share price. By authorizing a range of split ratios, the board retains flexibility to respond to market conditions. The company has not yet decided on a specific ratio or timeline, and any implementation would be subject to further board evaluation.
Shareholders can find the full press release and additional details at https://ibn.fm/DXOVA. For the latest news and updates on Nightfood Holdings, visit the company's newsroom at http://ibn.fm/NGTF.
This move underscores the company's commitment to pursuing growth opportunities, including a potential uplisting, while maintaining transparency with its shareholders. The board's cautious approach highlights the importance of market conditions and shareholder value in any decision regarding a reverse stock split.
